Required Information [The following Information applies to the questions displayed below.] Selk Steel Co., which began operations in Year 1, had the following transactions and events in its long-term investments. Year 1 Jan. 5 Selk purchased 65,000 shares (20% of total) of Kildaire's common stock for $2,470,000. Oct. 23 Kildaire declared and paid a cash dividend of $3.70 per share. Dec. 31 Kildaire's net income for the year is $1,179,000 and the fair value of its stock at December 31 is $45 per share. Year 2 Oct. 15 Kildaire declared and paid a cash dividend of $2.70 per share. Dec. 31 Kildaire's net income for the year is $1,159,000 and the fair value of its stock at December 31 is $48 per share. Year 3 Jan. 2 Selk sold 2% (equal to 1,300 shares) of its investment in Kildaire for $66,800 cash. Required: 1. Prepare journal entries to record these transactions and events for Selk. Assume that Selk has a significant influence over Kildaire with its 20% share of stock. Complete this question by entering your answers in the tabs below. Year 1 Year 2 Year 3 Prepare journal entries to record these transactions and events for Selk. View transaction let Journal entry worksheet 1 2 3 Selk purchased 65,000 shares (20% of total) of Kildaire's common stock for $2,470,000. Note: Enter debits before credits. Date Jan 06 General Journal Debit Credit Record entry Clear entry View general journal Year 1 Year 2 >